Adlabs to raise Rs 400-500 mn via pvt placement

MUMBAI: Adlabs Films Ltd is planning to raise Rs 400-500 million through a private placement to fund a chain of multiplexes across the country.

The company has mandated ICICI Securities for this purpose. Speaking to, Adlabs Films chairman Manmohan Shetty says the company is planning to add seven multiplexes this year. "We are looking at raising Rs 400-500 million to meet our expansion plans," he adds.

The company recently launched Gold Adlabs, a premium multiplex brand in Pune. At present, Adlabs Films Ltd has six per cent stake in Prime Focus Ltd, which is engaged in post production services.

Considering that Adlabs has got into movie production, an aggressive expansion of its multiplex fleet would definitely help. It will launch its first international movie, a bilingual film called 'Marigold' and starring Salman Khan, in collaboration with Hyperion Picture. 'Marigold' will be processed at the company's film processing lab.

Adlabs started Mumbai's first multiplex, IMAX Adlabs, which also has the world's biggest IMAX dome theatre. After acquiring Metro, one of the oldest and most prestigious movie destinations of Mumbai, it plans to launch its multiplex version, Metro Adlabs in the near future.

Other major multiplex players in the country include Inox Leisure, a fully-owned subsidiary of Gujarat Flurochemicals (promoted by Pawan and Vivek Jain), Delhi-based PVR group and the Subhash Chandra-promoted Essel Group's E-City.

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